Perella Weinberg Partners (PWP)
Market Price (9/14/2026): $15.0 | Market Cap: $1.1 BilSector: Financials | Industry: Diversified Capital Markets
Perella Weinberg Partners (PWP)
Market Price (9/14/2026): $15.0Market Cap: $1.1 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Attractive yieldDividend Yield is 2.9%, FCF Yield is 8.0% Low stock price volatilityVol 12M is 50% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. | Weak multi-year price returns2Y Excs Rtn is -57%, 3Y Excs Rtn is -21% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.92, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 56x, P/EPrice/Earnings or Price/(Net Income) is 49x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% Key risksPWP key risks include [1] high revenue volatility due to its dependence on advisory fees, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Attractive yieldDividend Yield is 2.9%, FCF Yield is 8.0% |
| Low stock price volatilityVol 12M is 50% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. |
| Weak multi-year price returns2Y Excs Rtn is -57%, 3Y Excs Rtn is -21% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.92, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 56x, P/EPrice/Earnings or Price/(Net Income) is 49x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Key risksPWP key risks include [1] high revenue volatility due to its dependence on advisory fees, Show more. |
Qualitative Assessment
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Perella Weinberg Partners (PWP) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Disappointing First-Half Revenue Performance.
While Perella Weinberg Partners reported an adjusted earnings per share (EPS) of $0.20 for fiscal Q2 2026 (ended June 30, 2026), beating analyst consensus estimates, the firm's overall revenue for the first half of fiscal 2026 (January 1 - June 30, 2026) declined by 17% to $305.4 million compared to the first half of fiscal 2025. This decrease was primarily driven by a reduced number of large fee event closings and a lower average fee per client. Although Q2 2026 revenue was flat year-over-year at $156.5 million, it slightly missed analyst forecasts.
2. Weakness in Private Equity and Mid-Sized M&A Markets.
Perella Weinberg Partners faced headwinds from a weak private equity market in fiscal Q2 2026, with private equity exits dropping by 46% quarter-over-quarter, and asset sales to corporations falling by 63% due to higher interest rates and fewer buyers. While the overall global M&A market saw record dollar levels in fiscal 2026, this growth was predominantly driven by mega-cap deals. As a firm with exposure to smaller and mid-sized M&A mandates, Perella Weinberg Partners was anticipated to experience a negative impact on revenue growth from the slower activity in these segments.
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Perella Weinberg Partners (PWP) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Disappointing First-Half Revenue Performance.
While Perella Weinberg Partners reported an adjusted earnings per share (EPS) of $0.20 for fiscal Q2 2026 (ended June 30, 2026), beating analyst consensus estimates, the firm's overall revenue for the first half of fiscal 2026 (January 1 - June 30, 2026) declined by 17% to $305.4 million compared to the first half of fiscal 2025. This decrease was primarily driven by a reduced number of large fee event closings and a lower average fee per client. Although Q2 2026 revenue was flat year-over-year at $156.5 million, it slightly missed analyst forecasts.
2. Weakness in Private Equity and Mid-Sized M&A Markets.
Perella Weinberg Partners faced headwinds from a weak private equity market in fiscal Q2 2026, with private equity exits dropping by 46% quarter-over-quarter, and asset sales to corporations falling by 63% due to higher interest rates and fewer buyers. While the overall global M&A market saw record dollar levels in fiscal 2026, this growth was predominantly driven by mega-cap deals. As a firm with exposure to smaller and mid-sized M&A mandates, Perella Weinberg Partners was anticipated to experience a negative impact on revenue growth from the slower activity in these segments.
3. Significant Insider Selling.
In the three months covering June, July, and August 2026, Perella Weinberg Partners insiders collectively sold $5.7 million worth of shares. This notable volume of insider selling, including transactions by key executives, may have signaled to the market a lack of strong confidence in the company's immediate future, contributing to downward pressure on the stock price.
4. Erosion of Tangible Book Value and Valuation Concerns.
An analysis in late August 2026 highlighted that past declines in sales and earnings per share, combined with loan losses and capital returns, had led to an erosion of Perella Weinberg Partners' tangible book value per share. This development has fostered a more cautious perspective among investors regarding the firm's business profile. Moreover, as of early September 2026, the stock was considered expensive, trading at a price-earnings ratio of 56.6, significantly higher than the industry median of 19.8. This premium valuation, coupled with a forecasted EPS growth 24% below its five-year average, contributed to a "SELL" rating from at least one analyst in July 2026.
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Stock Movement Drivers
Fundamental Drivers
The -13.1% change in PWP stock from 5/31/2026 to 9/13/2026 was primarily driven by a -19.0% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.02 | 14.79 | -13.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 688 | 689 | 0.2% |
| Net Income Margin (%) | 2.9% | 3.2% | 12.9% |
| P/E Multiple | 61.1 | 49.4 | -19.0% |
| Shares Outstanding (Mil) | 70 | 74 | -5.1% |
| Cumulative Contribution | -13.1% |
Market Drivers
5/31/2026 to 9/13/2026| Return | Correlation | |
|---|---|---|
| PWP | -13.1% | |
| Market (SPY) | 1.0% | 33.4% |
| Sector (XLF) | 11.0% | 41.4% |
Fundamental Drivers
The -19.4% change in PWP stock from 2/28/2026 to 9/13/2026 was primarily driven by a -31.9% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.36 | 14.79 | -19.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 751 | 689 | -8.2% |
| Net Income Margin (%) | 4.7% | 3.2% | -31.9% |
| P/E Multiple | 34.9 | 49.4 | 41.4% |
| Shares Outstanding (Mil) | 68 | 74 | -8.9% |
| Cumulative Contribution | -19.4% |
Market Drivers
2/28/2026 to 9/13/2026| Return | Correlation | |
|---|---|---|
| PWP | -19.4% | |
| Market (SPY) | 11.7% | 38.4% |
| Sector (XLF) | 11.9% | 47.0% |
Fundamental Drivers
The -32.1% change in PWP stock from 8/31/2025 to 9/13/2026 was primarily driven by a -51.0% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.80 | 14.79 | -32.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 871 | 689 | -20.9% |
| Net Income Margin (%) | 6.6% | 3.2% | -51.0% |
| P/E Multiple | 24.0 | 49.4 | 105.8% |
| Shares Outstanding (Mil) | 63 | 74 | -15.0% |
| Cumulative Contribution | -32.1% |
Market Drivers
8/31/2025 to 9/13/2026| Return | Correlation | |
|---|---|---|
| PWP | -32.1% | |
| Market (SPY) | 19.5% | 42.0% |
| Sector (XLF) | 7.3% | 51.5% |
Fundamental Drivers
The 47.3% change in PWP stock from 8/31/2023 to 9/13/2026 was primarily driven by a 132.0% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.04 | 14.79 | 47.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 625 | 689 | 10.2% |
| P/S Multiple | 0.7 | 1.6 | 132.0% |
| Shares Outstanding (Mil) | 43 | 74 | -42.4% |
| Cumulative Contribution | 47.3% |
Market Drivers
8/31/2023 to 9/13/2026| Return | Correlation | |
|---|---|---|
| PWP | 47.3% | |
| Market (SPY) | 75.7% | 52.5% |
| Sector (XLF) | 74.0% | 58.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PWP Return | 15% | -21% | 28% | 98% | -26% | -11% | 50% |
| Peers Return | 55% | 36% | 6% | 44% | 3% | -7% | 204% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| PWP Win Rate | 67% | 50% | 50% | 75% | 42% | 33% | |
| Peers Win Rate | 75% | 67% | 67% | 75% | 46% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| PWP Max Drawdown | -19% | -56% | -37% | -14% | -41% | -39% | |
| Peers Max Drawdown | -18% | -25% | -29% | -33% | -26% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IOND, PWCM, VIP, LPLA, CRCL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/11/2026 (YTD)
How Low Can It Go
| Event | PWP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.5% | -18.8% |
| % Gain to Breakeven | 57.4% | 23.1% |
| Time to Breakeven | 304 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -35.3% | -6.7% |
| % Gain to Breakeven | 54.6% | 7.1% |
| Time to Breakeven | 96 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -55.4% | -24.5% |
| % Gain to Breakeven | 124.2% | 32.4% |
| Time to Breakeven | 513 days | 427 days |
In The Past
Perella Weinberg Partners's stock fell -36.5% during the 2025 US Tariff Shock. Such a loss loss requires a 57.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | PWP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.5% | -18.8% |
| % Gain to Breakeven | 57.4% | 23.1% |
| Time to Breakeven | 304 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -35.3% | -6.7% |
| % Gain to Breakeven | 54.6% | 7.1% |
| Time to Breakeven | 96 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -55.4% | -24.5% |
| % Gain to Breakeven | 124.2% | 32.4% |
| Time to Breakeven | 513 days | 427 days |
In The Past
Perella Weinberg Partners's stock fell -36.5% during the 2025 US Tariff Shock. Such a loss loss requires a 57.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Perella Weinberg Partners (PWP)
Perella Weinberg Partners (PWP) is an independent advisory firm that provides strategic and financial advisory services to clients in the United States and internationally. The firm acts as a trusted advisor, guiding a diverse range of clients through significant financial and strategic decisions.
PWP offers a comprehensive suite of services, including advice and execution for mergers and acquisitions (M&A), capital markets advisory, and capital structure and restructuring. Additionally, the company provides shareholder and defense advisory, private capital raising, underwriting, and equity research to address various client needs.
The firm serves a broad client base, which includes public multinational corporations, mid-sized public and private companies, individual entrepreneurs, and private and institutional investors. Perella Weinberg Partners operates across key industries such as consumer and retail, energy, financial institutions, healthcare, industrials, and technology, media, and telecommunications.
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1. Like the M&A and strategic advisory division of a **Goldman Sachs** or **Morgan Stanley**, but as an independent, focused firm.
2. An independent financial advisor for companies, similar to **Lazard**, specializing in mergers, acquisitions, and raising capital.
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- Mergers & Acquisitions (M&A) Advisory: Provides advice and execution services for corporate mergers, acquisitions, and divestitures.
- Capital Markets Advisory: Offers guidance on public and private capital raising, including underwriting and private capital placements.
- Capital Structure & Restructuring Advisory: Assists clients with optimizing their financial structure and navigating complex restructuring processes.
- Shareholder & Defense Advisory: Counsels companies on shareholder activism, corporate governance, and defense strategies.
- Equity Research: Delivers analytical insights and reports on various companies and industries to inform investment decisions.
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Perella Weinberg Partners (PWP) primarily provides strategic and financial advisory services to a diverse range of companies and institutions. While specific names of individual client companies are not provided in the background description, the company explicitly serves the following categories of major customers:
- Public multinational corporations
- Mid-sized public and private companies
- Individual entrepreneurs
- Private and institutional investors
- Creditor committees
- Government institutions
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- Boston Properties (BXP)
- Deloitte & Touche LLP
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Andrew Bednar Partner and Chief Executive Officer
Andrew Bednar was appointed Chief Executive Officer of Perella Weinberg Partners in January 2023. He has been a Partner of the firm since its founding in 2006. Prior to joining PWP, Mr. Bednar served as Head of U.S. Mergers & Acquisitions at Bank of America and was a Managing Director in Mergers and Acquisitions at Goldman Sachs. He began his career as a corporate attorney at Cravath, Swaine & Moore LLP. Mr. Bednar has led numerous significant advisory assignments, including advising NYSE on its $10.2 billion sale to Intercontinental Exchange and Kate Spade & Co. on its $2.4 billion sale to Coach. He also advised J Crew on its $3 billion sale to TPG and Leonard Green, and Talbots on its sale to Sycamore Partners, demonstrating his experience with private equity-backed transactions. Additionally, he was part of the sponsor of PWP Forward Acquisition Corp. I, a mission-oriented SPAC, and led the team for Perella Weinberg's business combination with FinTech Acquisition Corp. IV.
Alexandra Gottschalk Chief Financial Officer and Partner
Alexandra Gottschalk has served as Chief Financial Officer of Perella Weinberg Partners since January 2024. Prior to this role, she was the firm's Chief Accounting Officer since 2019 and served as Controller for the company and its business units, including TPH&Co., since 2010. Before joining Perella Weinberg, Ms. Gottschalk worked at PwC in the Assurance practice and began her career at Deloitte in the International Tax Group. She is a Certified Public Accountant.
Peter A. Weinberg Founding Partner and Chairman
Peter A. Weinberg co-founded Perella Weinberg Partners in 2006 with Joseph Perella and currently serves as its Founding Partner and Chairman. He previously held the position of Chief Executive Officer of the firm from February 2019 to January 2023. Prior to co-founding PWP, Mr. Weinberg spent nearly two decades at Goldman Sachs, where he rose to become Chief Executive Officer of Goldman Sachs International in London from 1999 to 2005. During his tenure at Goldman Sachs, he also founded the Financial Sponsors Group, led Investment Banking Services, ran the Communications, Media and Telecom Group, and co-headed the Global Investment Banking Division.
Dietrich Becker Partner and President
Dietrich Becker is a Partner and President of Perella Weinberg Partners, based in London. As a founding partner of the firm, he has been instrumental in its development and growth. He served as Co-President alongside Andrew Bednar since March 2020. Mr. Becker's responsibilities include focusing on key client coverage and international expansion for the firm.
Robert K. Steel Partner and Vice Chairman
Robert K. Steel is a Partner and Vice Chairman at Perella Weinberg Partners, a role he has held since June 2021. He previously served as the firm's Chief Executive Officer from 2014 until February 2019. Before joining PWP, Mr. Steel was New York City's Deputy Mayor for Economic Development from 2010 to 2013. He also served as President and Chief Executive Officer of Wachovia Corporation, where he oversaw the bank's sale to Wells Fargo & Co. and served on the Wells Fargo board of directors until 2010. From 2006 to 2008, he was the Under Secretary for Domestic Finance of the United States Treasury. Mr. Steel spent nearly 30 years at Goldman Sachs, where he achieved the positions of Head of the Global Equities Division, Vice Chairman of the firm, and a member of its Management Committee. He is also a co-founder of SeaChange Capital Partners, an organization dedicated to supporting non-profits.
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The key risks to Perella Weinberg Partners (PWP) include:
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Market Conditions and Revenue Volatility: Perella Weinberg Partners' revenue is highly dependent on advisory fees, which are largely contingent on the completion of transactions such as mergers and acquisitions (M&A) and capital markets activities. Economic downturns, market volatility, high interest rates, and client hesitancy can significantly impact deal volumes and timing, leading to substantial fluctuations and potential decreases in revenue. This makes the firm susceptible to market downturns and shifts in client spending, directly affecting its financial performance.
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Intense Competition and Talent Retention: The financial services industry in which PWP operates is intensely competitive. The firm must continuously compete for both advisory engagements and top talent against other established investment banking and advisory firms. The ability to successfully identify, recruit, develop, and retain highly skilled advisory professionals and senior bankers is crucial to its success, as the departure of key personnel could jeopardize client relationships and result in a material loss of revenue.
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Extensive Regulation and Litigation Risks: Perella Weinberg Partners is subject to extensive U.S. and international regulations governing the corporate advisory industry. This regulatory environment exposes the firm to substantial litigation risks, increased compliance costs, and potential legal challenges. Any missteps in adhering to these complex rules could lead to significant fines, legal troubles, and damage to its business and reputation.
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- Record-High Pipeline and Backlog: Perella Weinberg Partners has reported a record-high gross pipeline and a strong, growing backlog of announced and pending transactions, which is expected to provide a solid foundation for future revenue growth as these deals are executed.
- Growth in M&A and Restructuring Segments: The firm anticipates continued growth in its Mergers & Acquisitions (M&A) and restructuring practices, with its restructuring segment achieving record revenues and gaining market share in 2025. Geopolitical opportunities are also seen as a factor that could leverage growth in these areas.
- Strategic Talent Investment and Expanded Offerings: PWP has been actively investing in senior talent, making significant hires and promotions, and expanding its coverage in key sectors such as Healthcare Services and Software. Additionally, the acquisition of Devon Park Advisors has broadened the firm's product offerings to include secondaries advisory capabilities. These strategic investments are expected to attract more high-profile and high-value assignments.
- Expansion of European Business: The company's European business has shown significant momentum, achieving record revenues in 2025 and experiencing over 50% year-over-year growth in the same year. This strong performance in the European market is anticipated to continue contributing to overall revenue growth.
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Capital Allocation Decisions (Last 3-5 Years) for Perella Weinberg Partners (PWP)
Share Repurchases
- In 2025, Perella Weinberg Partners returned an aggregate of $163.4 million to equity holders, which included the repurchase of 1,829,337 shares at an average price of $18.40 through open market transactions. The firm also retired 6.5 million shares during the year to manage its share count.
- In 2024, the company returned $136 million to equity holders, including the retirement of 4.0 million shares at an average price of $9.77 per share.
- In 2023, the firm returned $67 million to equity holders, which included the retirement of 10.6 million shares at an average price of $7.40 per share.
Share Issuance
- On May 16, 2025, Perella Weinberg Partners issued 1,234,357 shares of Class A common stock in an unregistered private transaction. These shares were exchanged for Class A partnership units and Class B common stock of PWP Holdings LP, facilitating the conversion of partnership units into publicly traded common stock.
Outbound Investments
- In 2025, Perella Weinberg Partners acquired Devon Park Advisors. This acquisition was made to establish a secondaries advisory capability, expanding the firm's service offerings.
Peer Outperformance in Diversified Capital Markets
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 4.4% | 109.9% | 135.9% | IBKR 511% · SNEX 266% · GS 188% |
| Reinsurance | 6 | 18.8% | 73.7% | 132.8% | SPNT 164% · RGA 143% · RNR 133% |
| Diversified Banks | 12 | 37.8% | 127.6% | 118.3% | JPM 157% · CM 153% · RY 143% |
| Life & Health Insurance | 20 | 8.2% | 54.2% | 103.2% | JXN 569% · UNM 321% · FG 203% |
| Multi-Sector Holdings | 4 | 3.5% | 53.9% | 82.7% | JONE 361% · BRK-B 84% · VOYA 81% |
| Regional Banks | 265 | 26.8% | 84.7% | 68.7% | GCBC 366% · ESQ 361% · VBNK 332% |
| Property & Casualty Insurance | 42 | 9.4% | 68.6% | 68.2% | ASIC 2746900% · HRTG 471% · UVE 308% |
| Multi-line Insurance | 9 | 8.9% | 78.7% | 64.5% | GNW 193% · L 108% · SLF 91% |
| Consumer Finance | 30 | 5.7% | 87.6% | 33.8% | ENVA 603% · EZPW 379% · FCFS 180% |
| Financial Exchanges & Data | 15 | -6.5% | 11.8% | 30.5% | VIRT 201% · CBOE 142% · CME 80% |
| Diversified Financial Services | 4 | 0.9% | 14.0% | 24.1% | FRHC 174% · EQH 106% · TMS -58% |
| Insurance Brokers | 16 | -17.9% | -3.8% | 20.4% | LIFE 347% · ARX 89% · AJG 75% |
| Asset Management & Custody Banks | 83 | -10.8% | 13.7% | 14.4% | WT 340% · SII 291% · VCTR 280% |
| Commercial & Residential Mortgage Finance | 12 | -48.2% | 28.3% | 2.8% | FNMA 488% · FMCC 458% · ESNT 70% |
| Specialized Finance | 3 | 27.4% | 39.8% | -0.4% | EFC 30% · CACC 0% · HASI -13% |
| Mortgage REITs | 33 | -13.2% | 8.4% | -15.4% | NREF 55% · RITM 48% · DX 37% |
| Transaction & Payment Processing Services | 15 | 2.2% | -8.7% | -41.9% | V 73% · MA 70% · CPAY 60% |
| Diversified Capital Markets ← | 21 | -33.6% | 2.7% | -43.9% | OPY 215% · LPLA 153% · GOLD 103% |
Latest Trefis Analyses
| Title | |
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| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 49.09 |
| Mkt Cap | 22.5 |
| Rev LTM | 434 |
| Op Inc LTM | 21 |
| FCF LTM | -30 |
| FCF 3Y Avg | -21 |
| CFO LTM | -18 |
| CFO 3Y Avg | 131 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.3% |
| Rev Chg 3Y Avg | 28.2% |
| Rev Chg Q | 8.2% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | -50.1% |
| Op Inc Chg 3Y Avg | -19.2% |
| Op Mgn LTM | 5.1% |
| Op Mgn 3Y Avg | -2.4% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | -20.5% |
| CFO/Rev 3Y Avg | 2.6% |
| FCF/Rev LTM | -22.4% |
| FCF/Rev 3Y Avg | -1.3% |
Price Behavior
| Market Price | $14.79 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 11/20/2020 | |
| Distance from 52W High | -38.5% | |
| 50 Days | 200 Days | |
| DMA Price | $16.26 | $18.01 |
| DMA Trend | down | up |
| Distance from DMA | -9.0% | -17.9% |
| 3M | 1YR | |
| Volatility | 63.5% | 50.1% |
| Downside Capture | 280.20 | 212.75 |
| Upside Capture | 214.57 | 127.62 |
| Correlation (SPY) | 30.9% | 41.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.32 | 2.53 | 1.48 | 1.49 | 1.62 | 1.54 |
| Up Beta | -1.29 | -0.81 | -0.39 | 0.95 | 1.58 | 1.41 |
| Down Beta | 4.18 | 2.75 | 0.94 | 0.84 | 1.43 | 1.58 |
| Up Capture | 162% | 417% | 252% | 180% | 156% | 435% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 19 | 31 | 63 | 119 | 371 |
| Down Capture | 396% | 358% | 216% | 186% | 154% | 110% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 22 | 32 | 63 | 129 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PWP | |
|---|---|---|---|---|
| PWP | -31.4% | 49.9% | -0.59 | - |
| Sector ETF (XLF) | 9.0% | 14.6% | 0.37 | 51.3% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | 41.9% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | 15.6% |
| Commodities (DBC) | 48.3% | 20.6% | 1.80 | -16.1% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | 34.6% |
| Bitcoin (BTCUSD) | -32.4% | 43.8% | -0.77 | 24.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PWP | |
|---|---|---|---|---|
| PWP | 2.7% | 43.7% | 0.19 | - |
| Sector ETF (XLF) | 10.2% | 18.4% | 0.42 | 54.5% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 51.9% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | 8.8% |
| Commodities (DBC) | 11.4% | 19.5% | 0.46 | 3.7% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 39.8% |
| Bitcoin (BTCUSD) | 9.4% | 52.6% | 0.36 | 24.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PWP | |
|---|---|---|---|---|
| PWP | 5.5% | 42.2% | 0.35 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 49.7% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 49.1% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 8.0% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 4.2% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 37.8% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 21.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/7/2023 | 6.8% | 1.4% | 19.3% |
| 11/3/2022 | 4.3% | 3.7% | 26.6% |
| 8/4/2022 | 5.1% | 11.1% | -1.9% |
| 5/5/2022 | -18.1% | -19.5% | -4.7% |
| 2/17/2022 | -1.4% | -2.3% | -17.6% |
| 11/4/2021 | -3.4% | 0.7% | -15.1% |
| 8/17/2021 | 0.2% | 5.8% | 3.1% |
| SUMMARY STATS | |||
| # Positive | 4 | 5 | 3 |
| # Negative | 3 | 2 | 4 |
| Median Positive | 4.7% | 3.7% | 19.3% |
| Median Negative | -3.4% | -10.9% | -9.9% |
| Max Positive | 6.8% | 11.1% | 26.6% |
| Max Negative | -18.1% | -19.5% | -17.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/7/2023 | 6.8% | 1.4% | 19.3% |
| 11/3/2022 | 4.3% | 3.7% | 26.6% |
| 8/4/2022 | 5.1% | 11.1% | -1.9% |
| 5/5/2022 | -18.1% | -19.5% | -4.7% |
| 2/17/2022 | -1.4% | -2.3% | -17.6% |
| 11/4/2021 | -3.4% | 0.7% | -15.1% |
| 8/17/2021 | 0.2% | 5.8% | 3.1% |
| SUMMARY STATS | |||
| # Positive | 4 | 5 | 3 |
| # Negative | 3 | 2 | 4 |
| Median Positive | 4.7% | 3.7% | 19.3% |
| Median Negative | -3.4% | -10.9% | -9.9% |
| Max Positive | 6.8% | 11.1% | 26.6% |
| Max Negative | -18.1% | -19.5% | -17.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/11/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 12/31/2019 | 07/07/2022 | 10-K/A |
Insider Activity
Updated 8/7/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bednar, Andrew | Chairman and CEO | Direct | Sell | 8072026 | 17.41 | 77,753 | 1,353,680 | 18,476,537 | Form |
| 2 | Bednar, Andrew | Chairman and CEO | Direct | Sell | 8072026 | 17.17 | 80,045 | 1,374,373 | 19,556,853 | Form |
| 3 | Bednar, Andrew | Chairman and CEO | Direct | Sell | 8072026 | 17.36 | 77,899 | 1,352,327 | 21,162,847 | Form |
| 4 | Steel, Robert K | Direct | Sell | 6162026 | 15.76 | 100,000 | 1,576,000 | 4,537,651 | Form | |
| 5 | Gottschalk, Alexandra | Chief Financial Officer | Direct | Sell | 5202026 | 17.46 | 14,018 | 244,754 | 1,265,710 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bednar, Andrew | Chairman and CEO | Direct | Sell | 8072026 | 17.41 | 77,753 | 1,353,680 | 18,476,537 | Form |
| 2 | Bednar, Andrew | Chairman and CEO | Direct | Sell | 8072026 | 17.17 | 80,045 | 1,374,373 | 19,556,853 | Form |
| 3 | Bednar, Andrew | Chairman and CEO | Direct | Sell | 8072026 | 17.36 | 77,899 | 1,352,327 | 21,162,847 | Form |
| 4 | Steel, Robert K | Direct | Sell | 6162026 | 15.76 | 100,000 | 1,576,000 | 4,537,651 | Form | |
| 5 | Gottschalk, Alexandra | Chief Financial Officer | Direct | Sell | 5202026 | 17.46 | 14,018 | 244,754 | 1,265,710 | Form |
| 6 | Gottschalk, Alexandra | Chief Financial Officer | Direct | Sell | 5202026 | 17.58 | 43,788 | 769,793 | 1,520,846 | Form |
| 7 | Gottschalk, Alexandra | Chief Financial Officer | Direct | Sell | 5072026 | 19.74 | 51,671 | 1,019,986 | 1,430,992 | Form |
| 8 | Steel, Robert K | Direct | Sell | 9112025 | 22.42 | 69,845 | 1,565,925 | 2,214,468 | Form | |
| 9 | Steel, Robert K | Direct | Sell | 9112025 | 21.85 | 51,505 | 1,125,384 | 3,684,281 | Form | |
| 10 | Steel, Robert K | Direct | Sell | 9112025 | 21.76 | 90,532 | 1,969,976 | 4,789,855 | Form | |
| 11 | Becker, Dietrich | President | Direct | Sell | 8122025 | 22.20 | 177,553 | 3,941,677 | 8,180,012 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Capital Markets Resources |
| International Financing Review (IFR) |
| Financial News |
| Global Capital |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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